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Friday, March 7, 2008

Bookkeeping: Picking Through Some Rubble

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I think the overall market is still on the path downward, and I am not buying stocks that have held up (among my favorites) as I've stated in the past week, as they have potential to fall hard.

I am picking among some of the rubble, making some purchases in my layer in, layer out strategy. These are generally about $5K buys, and as (if) they go lower I want to build up later positions...
  1. Indian bank HDFC Bank (HDB) - down 14% in 6 sessions; chart is in bad shape though
  2. Indian bank ICICI Bank (ICIC) - down 20% in 6 sessions; chart is in bad shape
  3. Chinese travel agency Ctrip.com (CTRP) - down 15% in 6 sessions after earnings spike where I sold off most of my remaining position
  4. Coal producer Massey Energy (MEE) - continue to sell this off in parts on lifts, and buy back when it falls back, trying to make some small trading gains in this awful market
  5. Medical company Illumina (ILMN) - down 12% in 7 sessions; been waiting for this one to fall for a long time; it's fallen to its 50 day moving average in upper $60s; I'd love to see it in the lower $60s to load the boat

I am trying to find places to apply cash; my favorite sectors still continue to fail to break down - again, as stated yesterday the "generals" will be the last to fall. So I remain patient waiting on a full blown panic before they will sell off.

Long all names in fund; long none in personal account


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